Midas

Midas: Recent strong orderwin momentum continues, which could potentially lead to an upward re-rating of stock. Grp announced that its JV Nanjing SR Puzhen Rail Transport (NPRT) together with their consortium partners, Shanghai ALSTOM Transport Electrical Equipment and ALSTOM Transport has won an intercity rail project worth approximately Rmb588m. NPRT’s share of the contract is approximately 76%. Contract is awarded by Nanjing Metro for the supply of 15 train sets (1 train set = 6 train cars), or 90 train cars, for the Nanjing- Gaochun Intercity Rail Project. Delivery for contract is slated to take place from 2013 to 2014 and is expected to contribute positively to Grp’s financial performance for the financial years ending 2013 to 2014. The Nanjing-Gaochun Intercity Rail Project marks NPRT’s 5th major contract win this yr, which would see the value of its YTD orders boosted to more than RMB3b. The award of new rail transit projects also further underpins positive sentiment in the growth prospects of the PRC rail transit sector.